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ALTERNATIVE UNEMPLOYMENT RATES: The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked by the BLS, officially labeled U1-U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be underutilized, including unemployment duration, job losers, discouraged workers, marginally-attached workers, and part-time workers.
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Lesson Contents
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Unit 1: Getting Started |
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Unit 2: The Schedule |
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Unit 3: The Curve |
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Unit 4: Analysis |
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Unit 5: Investment | |
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Production Possibilities
In this lesson we'll take a trip through production possibilities. Production possibilities is a handy little analysis that lets us consider what the economy is capable of doing, production-wise. We'll see how a production possibilities curve, the cornerstone of this analysis, is derived and how it can be used to understand several important concepts, including opportunity cost, unemployment, investment, and economic growth. - The first unit, Getting Started, begins this lesson by laying the foundations for production possibilities analysis, especially assumptions and limitations.
- We turn out attention in the second unit, The Schedule, to the production possibilities schedule, a simple table that gives us a first shot on this analysis.
- The production possibilities curve is then derived from the production possibilities schedule in the third unit, The Curve, with particular emphasis on the importance of opportunity cost
- In the fourth unit, Analysis, we make use of the production possibilities analysis for an understanding of three important concepts: full employment, unemployment, and economic growth.
- And lastly, the fifth unit, Investment, uses production possibilities to analyze investment in capital goods as a means of achieving economic growth.
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CLOSED ECONOMY An economy that does not engage in international trade or other forms of interaction with other countries. That is, a closed economy neither exports goods and services to, nor imports goods and services from, other economies that make up its foreign sector. It is "closed" to the flow of goods and services into or out of the country. The alternative to a closed economy is an open economy, one that does engage in international trade.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for the last item on a shelf.
Your Complete Scope
This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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IAB
Inter-American Bank
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